RNS No 4549v
ATLANTIC TELECOM GROUP PLC
15 July 1999
ATLANTIC TELECOM GROUP PLC
Revenues up over 48% to #15 million
First licence to operate in England issued
Atlantic Telecom Group PLC, the innovative provider of
high quality, value-added telecommunications services,
reports its preliminary results for the year to 31 March
1999.
Highlights
*Overall revenues rise over 48% to #14.9 million, with
telecoms revenues almost doubling to #9.3 million
*Gross profit increases over 38% to #5.8 million
*Average monthly revenue per residential customer rises
to #37, compared to an industry average of #26
*Scottish network build out to be completed this year
*Formal licence to operate in the North West of England
now issued
*High speed data trials to start this month
Graham J Duncan, Executive Chairman of Atlantic Telecom,
commented:
"Atlantic Telecom has made significant progress this
year, with substantially increased numbers of customers
and customer lines across all areas of the business.
During the year, we have continued to invest heavily in
expanding our Scottish networks, in acquiring new
customers and in expanding our services into new areas.
The issue of our first licence to operate in England and
the forthcoming trials of high speed data services
provide us with significant opportunities for growth and
we look forward to another exciting year."
For further information please contact:
Graham J Duncan, Executive Chairman, Atlantic Telecom Group PLC
Tel: 0171 638 9571 (until 12.30pm on 15 July 1999)
Tel: 01224 454000 (thereafter)
Philip Robinson/Patrick Toyne Sewell, Citigate Dewe Rogerson
Tel: 0171 282 2889
CHAIRMAN'S REPORT
SUMMARY
Significant progress has been made in the year ended 31 March 1999.
The Atlantic brand has become established in our target markets and
we are attracting a growing proportion of small and medium sized
business customers and higher spending residential customers to our
special mix of high quality and high value added services. Through
the provision of its value added telecom management services,
Logicall has again been very successful in attracting the larger
business customer. Our cable television business in the City of
Aberdeen has had an excellent year. Customer numbers hit an all time
high at the year-end with much of the growth coming in the last six
months of the year since we launched our telephone service in the
City. This growth has been one of the highest on record, despite
increasing competition from new digital services delivered both by
satellite and terrestrially.
We set out at the beginning of the year with a number of objectives.
The most significant focus was to ensure that we were able to launch
and complete the roll out of our networks in certain other Scottish
cities. In August we raised the finance required, in a mixture of
equity and debt, to enable us to commence the build of our networks
in the new cities and we were able to move quickly to launch service
in all our target cities prior to the year-end. By 31 March, we were
operational in the City of Glasgow and certain parts of Greater
Glasgow, Edinburgh, Dundee and Aberdeen. We remain on track to
complete the build of the Scottish networks this year.
During the year we also moved to obtain further licences to operate
our point to multipoint radio based services outside Scotland and we
were delighted to be awarded, in principle, five new regional
licences in England to allow us to expand these services. This has
given us the opportunity to build alternative direct access
networks, using a combination of fibre and wireless technologies, in
most of the densely populated regions of England. Since the year-
end, the first of these licences covering the entire North West of
England has been issued.
We believe data transmission will become an increasing part of our
business over time. During the year we have been working with
various suppliers who are developing high speed wireless data
products and we were very pleased to be able to enter into an
agreement with the Israeli based company, RDC Communications, to
trial their high speed product. The first phase of these trials will
begin in late July. Their technology employs a packet based internet
protocol on the air link from the customer to the base station and
is capable of delivering data speeds up to 25 times faster than that
of basic rate ISDN. We are delighted that Marconi Communications, a
subsidiary of The General Electric Company PLC, has recently
acquired RDC. This will bring to RDC the resources and manufacturing
expertise of GEC that will be important as RDC brings this exciting
product to market. We are also working with Breezecom, another
Israeli supplier, who also has a similar product and will move to
trial their technology as well in the near future. The product from
Breezecom is a commercially available product also employing a
packet based air interface with the capability to deliver the same
high data speeds. Furthermore our existing suppliers are developing
a high-speed product, which will also be made available to us. For
the first time since we launched commercial services in 1996, we
will have a choice of technologies in this increasingly important
area. We are committed to bringing high-speed services to the market
as soon as practicable and remain on track to do so within this
financial year.
The loss for the year reflects our continuing investment in networks
and customer acquisition as well as the important expansion of our
services into other areas and is in line with our expectations.
DIRECTLY CONNECTED SERVICES
Much progress has been made during the year with the build of our
networks in Scotland. At the year-end we had 101 operational base
stations, compared with 42 at the previous year-end. Over the last
year we have refined the architecture of our networks and now deploy
underground fibre to certain base stations on the network and ring
these base stations with a fibre loop architecture hosting SDH
electronics. This gives the networks much improved resilience.
Furthermore, we have deployed a back-haul concentration technology
called V5.2, which has greatly improved the capacity of the back-
haul links to our switches.
This network architecture gives us the ability to deploy various
access technologies to suit customer requirements including the use
of point to point microwave links to access medium and larger
business customers with high bandwidth services. With the
introduction of a high-speed point to multi-point technology we will
be able to deliver high bandwidth services to the smaller business
customer and the higher spending residential customer, and satisfy a
demand from these customers that is not presently available. This
demand will include a high speed Internet connection and we intend
to develop our own Internet service based on high-speed access
towards the end of this financial year. This will include an
Internet "always-on" service.
An integral part of the development of our Scottish networks has
been to develop centralised functionality across the Group. We were
pleased to be able to open our own call centre in Glasgow on 1
December 1998 which was quickly able to handle all our telephone
based marketing activities. At about the same time, we centralised
our customer service operations in Aberdeen and moved the operation
to twenty-four hour working, seven days a week. Our access networks
are managed centrally from our network management centre in Glasgow,
and other support services, such as IT and billing, finance and
administration are centralised in Aberdeen. The centralised nature
of these activities allows us to expand into other areas without
having to re-invent these activities elsewhere. This has many
advantages, including one of accelerating our time to market in new
areas.
The take up of our services is fully described in our operations
statements. We are very pleased with progress in all areas and the
penetration of our services continues to move forward.
MANAGED SERVICES FOR BUSINESS CUSTOMERS
Logicall has lifted its line base by over 30% during the year. Its
managed service appeals to the larger business customer, which seeks
independent management of its telephone traffic. We have been
developing new products for Logicall during the year and
increasingly expect to integrate its customers into Atlantic
Telecom's networks, particularly through the use of direct
connections to Atlantic's switches. This will allow us to expand the
services available to Logicall customers, particularly in the field
of high-speed data.
MOBILE/FIXED SERVICE INTEGRATION
Our ongoing strategy involves a continuing focus on the provision of
value added services to customers. Since the year-end we have
introduced a mobile service for our fixed line customers, which is
available to all customers irrespective of whether they are directly
or indirectly served.
The service is fully integrated and marketed as "All-in-One." It
gives the customer the benefit of a single line rental covering
fixed and mobile, a bundled minute package covering certain fixed
and mobile calls and a single integrated bill. We believe it is one
of the first of its kind in the United Kingdom.
It remains our intention to develop further value-added services to
customers over time.
CABLE TELEVISION
Our broadband cable television operation in the City of Aberdeen has
had an excellent year. The customer base has increased by 18% since
the last year end, one of the highest increases on record since we
launched commercial services over 14 years ago. This has been caused
by a marketing effort, which has concentrated our focus on a dual
telephone/television service package and a reduction in pricing for
the cable service package, coupled with some aggressive promotional
activity.
FUNDING
The new licences for England and the launch of commercial high-speed
services will require us to raise further funds in order to develop
these opportunities.
We received the first licence for the North West of England six
weeks ago. At present we are considering, in conjunction with our
advisers, the nature and timing of an approach to the debt capital
markets. We will continue to examine all funding opportunities and
will take an opportunistic approach to the markets.
STRATEGY AND OUTLOOK
Four years ago we set out our vision to provide telecommunications
services on alternative access networks in the local loop, not by
means of a wired network but by means of a fixed radio connection.
Today that vision is a reality. Our strategy at service launch in
Glasgow in 1996 was to provide a high value added service and not
position our services on a price-based message. Our aim was to
capture customers who wanted to use our service, who wanted the
convenience of our features, and who were not simply focused on
price savings.
This strategy has been the bedrock of our philosophy and will remain
so as we develop our services and expand them into other
geographical areas. It has allowed us to capture higher spending
customers and has allowed us to develop features that appeal to our
target audience. It gives smaller business customers, as well as
residential customers, real choice in the local loop and it has been
a successful strategy. We continue to expand the range of services
that we offer and believe that high-speed data will capture a
customer base currently starved of choice.
Part of our more recent approach to the market has been to capture
customers using BT's network, through our Crest service, and then
convert these customers into directly connected customers. This
allows us to fast track a customer base ahead of building our fixed
access networks, a strategy which will be further developed as we
move into England.
The mix of access technologies at our disposal allows us to tailor
the technology to suit our customers. This gives us flexibility to
provide the mix of services that can stimulate usage and demand. As
we expand our operations, we will continue to use our Scottish based
centralised functions which will allow us to bring service to new
areas rather faster than we would otherwise be able to do.
STRATEGY AND OUTLOOK
We recently issued an excellent set of statistics for the quarter
ended 30 June 1999. These show that our customers and customer lines
continue to advance. We believe that the introduction of a high
speed data service will be welcomed by our customers and potential
customers, particularly the introduction of high speed internet
access.
The year to 31 March 1999 has been one of immense achievement. Our
Board, managers and employees are an integral part of our progress
and many of them have gone the extra mile to achieve what we have
set out to achieve. Telecommunications companies do not just compete
for customers; they also compete for people. I am confident that our
team can develop and expand Atlantic to achieve value for our
shareholders. We remain very focused on completing our network build
in Scotland and expanding our customer base. The opportunity to
replicate this success in England is now available to us following
the award of new licences. We are all focused on the exciting
challenges ahead.
GRAHAM J DUNCAN
Executive Chairman
15 July 1999
OPERATING AND FINANCIAL REVIEW
OPERATING REVIEW
During the year to 31 March 1999, the Group expanded its activities
by launching direct network services in Aberdeen, Dundee and
Edinburgh, in addition to the services already provided in Glasgow.
The Group is focused on providing advanced, reliable, high-quality
and attractively priced telecommunications services through its
facilities based networks directly to small and medium-sized
businesses and higher-spending residential customers. To accomplish
this, our networks use a cost-effective combination of fibre and
fixed wireless based access solutions, which provide broadband
backbone and direct "first mile" connection to customers in the
local loop. In addition the Group provides indirect
telecommunications services to larger businesses and "brand name"
services to smaller businesses and residential customers.
The Group has developed its activities in a number of areas during
the year to 31 March 1999. These developments have included the
following:
* The Group launched direct network services in Aberdeen in
September 1998, in Dundee in December 1998 and in Edinburgh in
March1999. The number of homes and businesses covered by these
networks at 31 March 1999 was over 565,000.
* The number of base stations deployed increased from 42 at 31 March
1998 to 101 at 31 March 1999.
* Directly connected business lines increased by 44% to 4,231 in the
year to 31 March 1999.
* Directly connected residential lines increased by 105% from 10,637
at 31 March 1998 to 21,773 at March 1999.
* The Crest indirect lines, residential and business, increased from
4,030 lines at 31 March 1998 to 8,545 lines at 31 March 1999.
* Average monthly revenue per directly connected residential
customer increased to #36.71 in the year to 31 March 1999 from
#35.60 in the year to 31 March 1998. The equivalent revenue from
business customers was #83.35 in the year to 31 March 1999,
compared to #89.63 the previous year. This was due to a mix change
following service introduction in new areas.
* The average monthly revenue per cable television customer was
marginally up on last year, at #29.76 per month. This remains
higher than any other UK operator.
* The churn levels for the year to 31 March 1999 were 13.5% for
residential customers and 15% for business customers and were
within expected levels. Cable television churn, at 20.4%, was
less than half that experienced last year.
* Lines managed by Atlantic Logicall increased by over 4,000 to
17,663 at 31 March 1999.
* Cable television customer numbers increased by 18% from 15,420 at
31 March 1998 to 18,219 at 31 March 1999.
* In respect of Year 2000 compliance, Atlantic has received a 'Blue'
rating from the Telecom Operators Forum, which is the top rating
for telecom operators indicating Year 2000 readiness.
* In December 1998, the Group opened its own call centre which was
established to handle both in-bound and out-bound marketing calls
for all the group's activities.
* The Group has continued to develop the Atlantic brand, which has
gained increasing recognition and is now well established in its
target markets.
The Group issues quarterly operating statistics to the London Stock
Exchange, which allows investors, potential investors and other
interested parties to follow its progress. The table overleaf sets
forth certain data concerning the Group's operations as of and for
the years ended 31 March 1998 and 31 March 1999.
OPERATING REVIEW
Operating Statistics
Direct Telecommunications (Atlantic Telecom FRA Service)
Business Customer Data
Estimated business
premises passed(a) 32,390 21,000
Business customers(b) 1,324 951
Business customer
lines(b) 4,231 2,945
Penetration rate of
estimated business
premises passed(c) 4.1% 4.5%
Average lines
per business
customer(d) 3.20 3.10
Average monthly
revenue per business
customer(f) #83.35 #89.63
Business customer
churn(e) 14.99% 9.82%
Residential Customer
Data
Estimated residential
homes passed (a) 533,323 200,000
Residential customers(b) 11,154 5,684
Residential customer
lines(b) 21,773 10,637
Penetration rate
of estimated
residential homes
passed (c) 2.1% 2.8%
Average lines per
Residential
customer (d) 1.95 1.87
Average monthly
revenue per residential
customer(f) #36.71 #35.60
Residential customer
churn(e) 13.50% 16.99%
Network Data
Number of base
stations 101 42
Kilometres of fibre 36 -
Indirect Telecommunications
Atlantic Telecom Crest Service
Business customers (b) 41 -
Business customer
lines(b) 242 -
Average lines per
business customer(d) 5.90 -
Residential customers(b) 7,930 3,922
Residential customer
lines(c) 8,303 4,030
Average lines
per residential
customer(d) 1.05 1.03
Average monthly
revenue per Crest
customer(f) #12.40 #11.59
Atlantic Logicall
Business customers(b) 597 393
Business customer
lines(b) 17,663 13,471
Average lines
per business
customer(d) 29.6 34.3
Average monthly
revenue per business
customer(f) #827.61 #955.35
TOTAL TELECOMMUNICATIONS LINES 52,212 31,083
TOTAL TELECOMMUNICATIONS CUSTOMERS 21,046 10,950
Cable Television (Atlantic Cable)
Homes passed(a) 97,629 97,254
Cable television
customers(b) 18,219 15,420
Penetration rate
of cable homes
passed(c) 18.66% 15.86%
Customer churn(e) 20.38% 41.41%
Average monthly
revenue per cable
TV customer(f) #29.76 #29.61
Pay to basic
ratio(g) 286% 261%
TOTAL CUSTOMERS(h) 39,265 26,370
OPERATING AND FINANCIAL REVIEW
(a) Estimated business premises passed or estimated homes passed
is our estimate of the business premises or residential homes
seen by the networks which are capable of connection to a base
station or to a fibre network excluding certain multiple
dwelling units which we do not presently serve. Homes passed
is the actual number of addresses to which the cable television
network can be connected.
(b) Business or residential customers and business or residential
customer lines, represent the number of customers or lines
which are connected and in service and the number of customers
or lines for which customers, where applicable, have contracted
for service but are not yet connected.
(c) Penetration rate of estimated business premises or estimates
homes passed is calculated by dividing the number of business
or residential customers or customers on the given date by the
estimated business premises or estimated homes passed as of
such date, expressed as a percentage. Penetration rate of
cable homes passed is calculated by dividing the number cable
television customers on the given date by the number of homes
passed by the cable network as of such date, expressed as a
percentage.
(d) The average lines per customer is calculated by dividing the
number of lines on a given date by the number of customers on
that date.
(e) Churn is calculated by dividing net disconnections (total
disconnections less the number of disconnected accounts for
which service is later restored and disconnections for
customers moving premises and reconnecting at their new
premises) in a period by the average number of customers in the
period (calculated as the simple average of the number of
customers at the end of each month during the period).
(f) The average monthly revenue per telecommunications customer
is calculated by dividing (a) line and equipment rental,
outgoing call charges and incoming call charges for the period
by (b) the average number of active customers (calculated as a
simple average of the number of active customers at the
beginning and end of each month during the period) and dividing
that amount by the number of months in the period covered. The
average monthly revenue per able television subscriber is
calculated by dividing total cable subscriber revenues
(excluding installation and other non-recurring revenues) for
the period by the average number of cable television
subscribers (calculated as a simple average of the number of
basic service subscribers at the beginning and end of each
period) and dividing that amount by the number of months in the
period covered.
(g) The pay to basic ratio is calculated by taking the number of
customers who subscribe to any premium cable service and
dividing the resulting number by the number of customers
subscribing to the basic cable service.
(h) The total number of customers is calculated by adding the
number of subscribers to our telecommunications services to the
number of our cable subscribers. Consequently, customers who
subscribe to both services will be counted twice.
FINANCIAL REVIEW
During the year to 31 March 1999, Group turnover increased by 31% to
#14.9M. Gross profit for the period also increased over 38% to
#5.8m.
The Group operating loss for the year increased to #15.8M from #8.9M
in 1998. Losses have increased as a result of the expansion of the
Group's activities into 3 new cities during the year. This expansion
has resulted in increased costs in establishing our presence in
these areas to build the direct networks and service the customers
on these networks.
Operating costs increased from #20.3M in 1998 to #30.8M this year.
Telephony expenses, representing interconnect costs with other
operators, increased by #3.3M in line with increased revenue.
Programming expenses fell by #0.4M following the closure of the
Group's narrowband cable operations at the end of 1998. The increase
in administrative expenses from #8.2M in 1998 to #13.6M in 1999
results from the expansion in staff and support costs to provide
service in 4 cities in 1999 compared to the single area of operation
in 1998. Administrative expenses for 1999 include exceptional costs
of #1.1M which represent professional fees in relation to an issue
of senior discount notes which was withdrawn, and due diligence
exercises. Selling and distribution costs increased by #0.2M to
#3.5M for the year. Depreciation and amortisation for the year
increased to #4.5M as a result of the increased capital investment
to build the direct networks and to connect customers.
Net interest costs for the year were #0.4M. Interest expense was
#1.3M offset by interest from cash deposits of #0.9M
Net operating cash outflow of #9.7M for the year increased from
#3.8M in 1998 reflecting the increase in costs resulting from the
roll out of our networks. Capital expenditure in the year to 31
March was #30.5M of which #24.1M was invested in the construction of
our networks and the connection of customers.
In August 1998 the Group secured a #100M funding package to enable
it to complete the build of its planned networks in Scotland and
fund the expansion of its Logicall business and indirect Crest
service. This funding package comprised #50M of new equity, prior to
issue expenses, and a senior bank debt facility of #50M.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 March 1999
1999 1998
#'000 #'000 #'000
Turnover
Continuing operations:
ongoing 14,924 10,595
Discontinued operations - 795
----- -----
14,924 11,390
Operating costs
ongoing (29,647) (19,960)
exceptional (1,121) (325)
----- -----
(30,768) (20,285)
----- -----
Operating Loss
Continuing operations:
ongoing (15,844) (8,733)
Discontinued operations - (162)
----- -----
(15,844) (8,895)
-----
Exceptional items
Discontinued operations:
Loss on sale of
discontinued operations - (1,698)
Less provision at
31 March 1997 - 1,028
----- -----
- (670)
----- -----
Loss on ordinary
activities before
interest (15,844) (9,565)
Net interest (419) 25
----- -----
Loss on ordinary
activities before
taxation (16,263) (9,540)
Tax on loss on
ordinary activities - -
----- -----
Retained loss for
the financial year (16,263) (9,540)
===== =====
Loss per share (22.50)p (18.86)p
===== =====
There were no recognised gains or losses other than the loss for the
financial year.
CONSOLIDATED BALANCE SHEET
As at 31 March 1999
1999 1999 1998 1998
#'000 #'000 #'000 #'000
FIXED ASSETS
Intangible assets 3,718 3,883
Tangible assets 56,022 29,709
----- -----
59,740 33,592
CURRENT ASSETS
Stocks 6,183 715
Debtors:
amounts
falling due
after more than
one year 8,600 6,776
Debtors:
amounts
falling due
within one year 6,286 4,046
Cash at bank and in hand 5,680 57
----- -----
26,749 11,594
Creditors: amounts
Falling due within
one year 25,006 15,517
----- -----
NET CURRENT ASSETS
/(LIABILITIES) 1,743 (3,923)
----- -----
TOTAL ASSETS LESS
CURRENT LIABILITIES 61,483 29,669
CREDITORS: AMOUNTS FALLING
DUE AFTER MORE
THAN ONE YEAR 8,389 7,598
----- -----
53,094 22,071
====== =====
CAPITAL AND RESERVES
Called up
share capital 21,150 12,644
Share premium
account 61,619 22,839
Profit and
loss account (29,675) (13,412)
----- -----
SHAREHOLDERS' FUNDS 53,094 22,071
======= =======
CONSOLIDATED CASH FLOW STATEMENT
As at 31 March 1999
1999 1998
#'000 #'000
Reconciliation of operating loss to net
cash outflow from operating activities
Operating loss from
continuing activities (15,844) (8,733)
Depreciation and amortisation 4,309 2,312
Amortisation of
lease prepayment 165 164
Network lease prepayments (2,000) (1,875)
(Increase)/decrease
in stock (5,468) 305
Increase in debtors (961) (1,748)
Increase in creditors 10,146 6,349
Gain on disposal
of fixed assets (41) (14)
----- -----
Net cash outflow
from continuing
operating activities (9,694) (3,240)
Net cash outflow
from discontinued
operations - (562)
----- -----
Net cash outflow
from operating activities (9,694) (3,802)
----- -----
Cash Flow Statement
Net cash outflow
from operating activities (9,694) (3,802)
Returns on investments
and servicing
of finance (419) (15)
Capital expenditure (25,904) (13,709)
Disposals - 420
Management of
liquid resources - 16,000
Financing 43,019 (1,984)
----- -----
Increase /
(decrease) in cash 7,002 (3,090)
====== ======
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
As at 31 March 1999
1999 1998
#'000 #'000
Loss for
the financial year (16,263) (9,540)
Issue of shares
net of expenses 47,286 22
---- ----
Net increase/
(decrease) in
shareholders' funds 31,023 (9,518)
Shareholders' funds
at 1 April 1998 22,071 31,589
----- -----
Shareholders' funds at 31 March 1999 53,094 22,071
===== =====
NOTES TO THE PRELIMINARY ANNOUCEMENT
For the year ended 31 March 1999
1. BASIS OF PREPARATION
The preliminary announcement has been prepared under the
historical cost convention and in accordance with applicable
accounting standards.
The principal accounting policies of the Group are set out in
Group's annual report and financial statements. The principal
accounting policies of the Group have remained unchanged from the
previous year except in accounting for goodwill where the group
has changed its policy to comply with FRS 10.
During the year the Group has implemented the requirements of
Financial Reporting Standards 9 to 14. The requirements of these
Standards have had no effect on the profit and loss account for
the year.
2. TURNOVER AND LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
Turnover, which was all generated within the United Kingdom, can
be analysed between telecommunications services and broadband and
narrowband cable networks. The directors consider these to be the
same class of business and accordingly no segmental analysis of
operating loss or net assets is shown.
Turnover comprised the following:
1999 1998
#'000 #'000
Telecommunications services 9,308 4,698
Broadband cable networks 5,616 5,897
Narrowband cable networks - 795
----- -----
14,924 11,390
====== ======
Exceptional administrative expenses represent professional fees in
relation to an aborted issue of senior discount notes and due
diligence exercises.
3.TAX ON LOSS ON ORDINARY ACTIVITIES
There is no tax charge for the year due to trading
losses.Unrelieved tax losses of #27M (1998: #13.5M) remain
available to offset against future taxable trading profits.
LOSS PER SHARE
The loss per share is based on the loss attributable to the
Ordinary Shareholders of #16,263,000 (31 March 1998 - loss of
#9,540,000) and on weighted average number of Ordinary Shares in
issue during the period of 72,273,690 (31 March 1998 -
50,574,520).
At 31 March 1999 outstanding warrants and share options were in
existence. The shares that would be issued in respect of these
warrants are not treated as dilutive as their issue would decrease
loss per share. Accordingly no diluted loss per share figure is
shown.
4. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT
1999 1998
#'000 #'000
Increase/(decrease)
in cash in the period 7,002 (3,090)
Cash inflow from
movement in
liquid resources - (16,000)
Cash outflow from
movement in debt 478 400
Cash outflow from
lease financing 2,521 1,606
----- -----
Change in net
debt resulting from
cash flows 10,001 (17,084)
Inception of
finance leases (4,512) (5,904)
----- -----
Movement in net
debt in the year 5,489 (22,988)
Net (debt)/funds
at 1 April 1998 (12,913) 10,075
----- -----
Net debt at 31 March 1999 (7,424) (12,913)
===== =====
5.PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this preliminary announcement
does not constitute statutory accounts as defined in section 240
of the Companies Act 1985.
The summarised balance sheet at 31 March 1999 and the summarised
profit and loss account, summarised cash flow statement and
associated notes for the year then ended have been extracted from
the Group's 1999 statutory financial statements upon which the
auditors opinion is unqualified and does not include any statement
under Section 237 of the Companies Act 1985.
6. APPROVAL
The Board approved this preliminary announcement on 15 July 1999.
END
FR SFUSMIUUUFEW
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